Monday, October 12, 2026: Daily Mortgage Market Update — Rates Steady as Bond Market Closes for Columbus Day

FRANKLIN, Tenn. — Mortgage rates held in place Monday because there was no bond market to move them. Treasury and mortgage-backed securities trading was closed for Columbus Day under the Securities Industry and Financial Markets Association holiday schedule, so lenders quoting loans today are working off Friday's closing levels.

Those levels remain high. The 10-year Treasury yield ended Friday, October 9, at 5.24%, up 2 basis points from Thursday, according to Treasury Department daily yield data. That leaves the benchmark below its 5.28% close on October 7 but still near its highest readings in more than two decades. The 2-year yield, which tracks expectations for Federal Reserve policy more closely, rose to 4.80%.

National mortgage averages show the same carryover. Mortgage Daily put the 30-year fixed at 7.42% and the 15-year fixed at 6.74%, carried forward from the October 8 Optimal Blue observation because no new index prints on a bond holiday. Zillow's lender marketplace showed a 30-year fixed purchase rate of 7.44% Monday. Small gaps between sources reflect method and timing, not a change in the market.

Stocks did trade, and the session was mixed. The Dow Jones Industrial Average gained 0.4%, while the S&P 500 slipped 0.1% and the Nasdaq composite fell 0.4%, according to the Associated Press. Brent crude rose 1.8% to $106.65 per barrel, keeping energy costs in the inflation picture.

Inflation takes center stage this week. The Bureau of Labor Statistics releases the September consumer price index Wednesday, October 14, at 8:30 a.m. Eastern, followed by producer prices and retail sales Thursday. Minutes from the Fed's September meeting showed officials saw another rate increase as likely appropriate by year-end, and the next policy meeting is October 27–28. A hotter inflation reading could push yields back toward their recent highs, while a softer one could give mortgage-backed securities some relief.

For borrowers, Monday's quiet changes little. Tuesday is the first session that can move pricing, and Wednesday's inflation report is the bigger test. Buyers closing in the next 30 to 45 days may want to discuss locking before the CPI release, while those with more time can weigh whether the data is worth waiting for.

Sources

• SIFMA — Holiday Schedule
• U.S. Department of the Treasury — Daily Treasury Par Yield Curve Rates
• Investing.com — US 10-Year Treasury Yield Holds at 5.24% Ahead of CPI
• Mortgage Daily — Mortgage Rates Today, Oct 12, 2026
• Yahoo Finance — Mortgage and refinance interest rates today, Monday, October 12, 2026
• Associated Press — How major US stock indexes fared Monday 10/12/2026
• Kalkine — Why the 10-Year Treasury Yield Is Hovering Near a 24-Year High